ERROL PARKER | Editor-at-large | Contact
The nation’s cash mummy, RBA Boss Michele Bullock, has admitted today that the only path out of this inflation nightmare continues to be the fiscal lashing of mortgage holders, most of whom are just young families trying to make a go of it.
It is the only device afforded to the Reserve Bank in their quest to make sure inflation doesn’t go bananas and utterly fuck the way of life that most Australians are used to.
The root cause of Australia’s inflation troubles is in part due to the unfettered printing of cash by the previous Morrison Government during the pandemic. With the benefit of hindsight, it’s easy to put shit on former treasurer Josh Frydenberg for acting like a donkey in a thunderstorm when the world was shutting down around him. It’s also easy, with the benefit of hindsight, to think the world was shut down over a bad flu. They probably won’t do that again. Odds are the next one will come around when the Millennials are old and fucked, their children having learned the lessons from COVID-19, will just like them die on the street like a San Francisco tramp.
Speaking this afternoon in Sydney, Michele Bullock said the RBA can only do one thing to help inflation.
“Which is putting up interest rates,” she explained.
“It’s easy to blame my organisation for that but we simply respond to government policy and action. We’ve had previous governments let young families take on comparatively gargantuan amounts of debt under the promise that rates would remain stable. They haven’t and now some of those young families are doing their arse. At the moment, it’s only really the spaghetti-brained morons that borrowed 100% of what the bank would give them, then going out and getting a car loan on an Audi or BMQ. Up to their eyeballs in debt. Now rates are up and they’re fucked. They’re having to sell their dogbox tent in some outer metro shithole and downsizing to an even worse shithole further away from where they work,”
“A real and tenable solution will be for the government to implement policy that works to reduce inflation. Policy that slows the frivolous spending in the economy of baby boomers. A caravan tax? Something. They need to help us, not make us the scapegoat,”
“Until they do help us, the only path forward is to ruin the lives and the future of millions of young Australians through the vehicle of interest rate hikes.”
More to come.
